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20
(212)
T
H
E
I
N
D
E
P
E
N
D
E
N
T
.
[February
14,
1884.
O
r
i
e
n
t
a
l
R
u
^
s
-A
N
D
-
C
arpets.
We
are
offering
an
extensive
assortm
e
n
t
of
the
above
goods
at
a
great
reduction
in
price.
PARTIES
intending
to
fu
rnish
will
certainly
be
profited
by
an
inspection.
^
b
t
o
a
c
X
v
r
u
j
<bXj>
|
b
l
.
N
E
W
Y
O
R
K
.
f
i
n
a
n
c
i
a
l
.
THE
MORRISON
TARIFF
BILL.
M
r
.
M
o
r
r
is
o
n
,
the
Chairman
of
the
Com­
mittee
of
Ways
and
Means,
after
not
a
little
blowing
of
trumpets
and
sounding
of
gongs,
has
at
last,
on
his
own
responsibility,
intro­
duced
into
the
House
of
Representatives
a
tariff
bill.
It
is
his
bill,
and
not
that
of
the
committee
of
which
he
is
chairman.
The
House,
as
was
of
course
expected,
referred
it
to
this
committee;
and
what
the
bill
will
be
when
it
comes
back
to
the
House
from
the
committee
remains
to
be
seen.
The
majority
of
the
committee
consists
of
Dem­
ocrats;
and
they
will
undoubtedly
put
upon
the
bill
some
sort
of
Democratic
stamp,
provided
they
can
find
out
to
their
own
sat­
isfaction
what
the
stamp
should
be.
The
real
object
of
.Mr.
Morrison
and
the
Democrats
in
both
houses
of
Congress
is
not
so
much
to
reform
our
tariff
laws
and
make
them
better
as
it
is
to
make
a
party
record
for
the
next
Presidential
campaign.
The
tariff
is
destined
to
be
one
of
the
prom­
inent
issues
of
that
campaign,
if
not
the
most
prominent;
and
in
respect
to
it
the
Democrats,
who
include
the
larger
part
of
the
Free
Traders
of
the
country,
want
to
fix
up
a
record
in
Congress
with
which
to
go
before
the
people
next
Fall,
and
upon
which
the
Democratic
Party
can
and
will
unite
for
the
purpose
of
gaining
a
political
victory.
This
is
the
secret
and
ruling
mo­
tive
of
Mr.
Morrison’s
bill,
as
it
will
be
of
the
bill
reported
by
the
Committee
of
Ways
and
Means
to
the
House.
Actual
legisla­
tion
in
a
practical
form
is
not
the
main
ob­
ject
sought.
Mr.
Morrison
and
the
Demo­
crats
very
well
understand
that
the
oft-
repeated
Democratic
doctrine
of
“
a
tariff
for
revenue
only”
will
not
meet
the
political
emergency;
and
the
latest
expression
of
wisdom
as
to
what
will
do,
so
far
as
Mr.
Morrison
and
his
special
advisers
are
con­
cerned,
we
have
in
Aie
bill
which
he
has
just
introduced
into
the
House
of
Repre­
sentatives.
The
ostensible
object
of
the
bill
is
to
re­
duce
the
amount
of
taxes
collected
by
the
Government
in
the
form
of
tariff
duties,and
thus
get
rid
of
the
large
surplus
which
has
been
collected
for
a
series
of
years.
The
general
principle
of
the
bill
for
the
attain­
ment
of
this
end
is
a
uniform
reduction
of
twenty
per
cent,
on
the
present
rates
of
tariff
duties,
without
any
readjustment
or
redistribution
of
these
duties
considered
with
reference
to
specific
articles.
This
idea
is
simple
enough;
and
it
certainly
re­
quires
no
great
skill
to
conceive
of
a
twenty
per
cent,
reduction
of
tariff
duties.
Should
the
bill
become
a
law,
how
would
it
work?
This
is
the
question
which
the
business
community
would
like
to
understand?
It
is
by
no
means
certain
that
such
a
re­
duction
in
the
rates
of
duties
would
lead
to
a
corresponding
reduction
in
the
amount
of
revenue
collected
by
these
duties,
The
amount
of
revenue
collected
by
a
tariff
does
not
depend
exclusively
upon
the
rate
pf
duties,
so
that
it
wjll
Vp
large
or
small
as
the
duties
are
high
or
low.
The
amount
of
the
importations
into
the
country
upon
which
these
duties
are
levied
is
a
much
more
important
factor
in
the
problem.
It
is
very
easy
to
see
how
a
high
rate
of
duties
may
decrease
the
amount
of
revenue
there­
from,
and
how
a
low
rate
of
duties
may
have
just
the
same
effect—in
the
one
case,by
decreasing
the
amount
of
importations,
and,
in
the
other,
by
increasing
importations.
It
is
to
be
remembered
that
the
importations
upon
which
tariff
duties
are
levied,
consti­
tute
a
variable
quantity,
and
that
the
amount
of
the
revenue
derived
therefrom
is
most
materially
affected
by
their
quanti­
ty.
If
Mr.
Morrison’s
proposed
reduction
of
tariff
rates
would
lead,
as
seems
proba­
ble,
to
a
very
considerable
increase
of
im­
portations,
then
the
bill
would
fail
to
attain
its
own
end.
We
should
then
buy
more
foreign
goods,
without
collecting
a
less
amount
of
tariff
taxes,
making
up
for
the
loss
in
rates
by
the
increased
amount
of
the
imported
goods
taxed.
This,
however,
is
not
the
only
question
involved.
How
would
the
twenty
per
cent,
reduction
practically
affect
various
branches
of
industry
in
this
country?
Would
it
so
far
withdraw
the
protection
which
they
now
enjoy
as
seriously
to
cripple
them
or
destroy
them
altogether?
We
answer
this
question
by
quoting
as
fol­
lows,
the
language
of
another:
“
The
bill
may
justly
be
described
as
o
ne
to
de­
stroy
the
s
a
lt
industry
of
the
U
n
ited
States
;
to
wipe
o
u
t
the
American
pottery
indu
s
tr
y
;
to
de­
molish
im
p
o
rtant
m
a
n
u
factories
of
g
lass;
to
destroy
the
lead
a
n
d
copper
m
ining
in
d
u
s
tr
ies;
to
reduce
the
wages
of
coal
m
iners
and
iron
miners,
as
well
as
the
wages
of
operatives
in
cotton
and
woolen
mills,
iron
furnaces
and
rolling
mills,
and
in
nearly
every
other
branch
of
iron
and
steel
m
a
n
u
facture
;
to
oppress
the
rice-growers
of
South
C
arolina
and
Georgia
;
to
depress
the
wages
of
laborers
on
the
sugar
plan­
tations
and
in
the
sugar
mills
of
Louisiana,
and
to
elim
inate
wool-growing
from
th
e
list
of
productive
industries
in
the
U
n
ited
States.
I
t
provides
th
a
t
the
reduction
of
20
per
cent,
shall
apply
to
salt,
to
unpolished
cylinder,
crown
and
common
window,
and
to
unsilvered,
polished
plate-glass
exceeding
tw
enty-four
by
sixty
inches
in
size,
w
h
ether
or
n
o
t
such
reduction
carries
the
rate
below
the
rate
imposed
by
the
tariff
of
March
2d,
1861.
In
other
cases
no
rate
is
to
be
reduced
below
the
rale
imposed
by
th
a
t
act,
which
Colonel
M
orri­
son
takes
care
to
describe
as
the
‘
Morrill
tariff.’
”
A
sweeping
aud
uniform
reduction
of
twenty
per
cent,
on
the
present
rate
of
tariff
duties,
though
a
very
simple
thing
for
Mr.
Morrison
to
conceive
in
his
head,
and
to
express
in
words,
is,
nevertheless,
a
very
grave
matter
to
various
branches
of
industry
which,
by
such
a
reduction,
would
be
left
without
adequate
protection.
The
principle
of
the
bill
is
a
false
one.
We
be­
lieve
in
reforming
our
tariff
system,
but
not
in
this
way.
The
true
theory
is
so
to
levy
tariff
duties
as
to
make
them
incident­
ally
protective
where
protection
is
needed
;
aud
this
is
always
a
question
of
fact
in
re­
spect
to
each
specific
article,
and
to
be
de­
termined
by
looking
at
all
the
facts
in
re­
lation
to
that
article.
A
tariff
reduction
that
overlooks
this
principle,
or
fails
to
ad­
just
itself
to
its
requirements,
is
funda­
mentally
wrong;
and
this
is
the
serious
difficulty
with
Mr.
Morrison’s
bill.
We
do
not
believe
that
it
will
become
a
law,
and
are
very
sure
that
no
such
bill
ought
to
be
passed
by
either
house
of
Congress.
FIDELITY
INSURANCE.
As
so
little
is
known
regarding
Fidelity
Insurance,
the
following
information
has
been
obtained
from
the
American
Surety
Company,
of
this
city,
recently
organized
for
the
purpose
of
acting
as
surety
on
all
description
of
bonds.
Bonds
are
now
required
of
officers
and
employes
of
the
National
Government,
State
aud
Municipal
Governments,
of
Coun­
ty
Officers,
Bauks,
Insurance
Companies.
Railways,
Manufacturing
and
Mining
Com­
panies,
and
of
almost
every
well-managed
corporation
and
business
house.
The
laws
of
New
York
authorize
sheriffs,
surrogates,
judges
and
heads
of
depart­
ments
to
accept
the
surety
of
a
company
like
this.
Tne
American
Surety
Company
has
a
capital,
paid
up
in
cash,
of
$500,000,
and
has
th?
most
prpuiiu^nt
responsible
board
of
trustees
ever
presented
to
the
American
public
by
any
corporation.
It
is
the
only
company
organized
in
this
coun­
try
doing
this
branch
of
business
exclusive­
ly.
It
is
the
largest
company
of
its
kind
in
the
world.
It
is
national
in
its
character,
its
stock
being
held
by
prominent
and
in­
fluential
men
connected
with
the
more
im­
portant
interests
in
the
large
business
cen­
ters
of
the
country.
The
President
of
the
company
is
the
Hon.
Richard
A.
Elmer,
well
known
throughout
the
countiy
as
being
possessed
of
qualities
peculiarly
fitting
him
for
such
position.
He
resigned
from
one
of
the
most
im­
portant
positions
under
the
General
Gov­
ernment,
that
of
Assistant
Postmaster-Gen­
eral,
to
accept
this
office.
Mr.
Elmer
won
great
distinction
during
his
administration
of
the
affairs
of
the
post-office
department,
covering
nearly
three
years
of
the
most
re­
markable
period
in
the
history
of
postal
transportation.
Postmaster-General
Gresham,
in
his
letter
accepting
Mr.
Elmer’s
resignation,
pays
him
the
following
high
compliment:
“
.
.
.
.
F
o
r
myself
I
cannot
perm
it
the
occa­
sion
to
pass
w
ithout
a
ssuring
you
of
my
personal
esteem,
and
of
my
high
appreciation
of
the
ability
and
integrity
w
ith
which
you
have
dis­
charged
the
duties
o
f
a
very
responsible
position
during
a
period
of
peculiar
difficulties.”
The
Vice-President
of
the
company
is
Mr.
Lyman
W.
Briggs,
well
known
as
a
specialist
and
thorough
expert
in
this
par­
ticular
line
of
business,
and
with
large
prac­
tical
experience.
To
Mr.
Briggs
belongs
the
credit
of
introducing
and
success­
fully
establishing
surety
business
in
this
country.
The
first
company
organized
by
him
contemplated
doing
other
branches
of
insurance
business
in
connec­
tion
with
surety
business,
but
more
as
a
matter
of
prudence,
as
surety
business
was
something
of
an
experiment,
being
entire­
ly
untried
in
the
United
States.
Its
devel­
opment,
however,
was
so
rapid,
and
the
favor
with
which
corporate
suretyship
was
received
so
marked,
that
Mr.
Briggs
was
soon
convinced
that
the
scope
afforded
by
his
company
was
too
limited
to
accommo­
date
future
developments
of
the
business;
and
also
that
a
business
of
such
importance
and
dignity
of
character
should
only
be
transacted
by
a
company
formed
especially
for
that
purpose.
He
therefore
resigned
his
office
in
that
company
and
immediately
set
about
organizing
the
American
Surety
Company.
The
following
are
among
the
Trustees:
John
J.
Knox,
Comptroller
of
the
Currency;
Julius
Wadsworth,
Vice-President
Chicago,
Milwaukee
and
St.
Paul
Railway;
A.
H.
Barney,New
York;
C.
N.
Bliss,
of
Bliss,
Fabyan
&
Co.;
William
Dowd,
President
Bank
of
North
America;
George
M.
Pull­
man,
Chicago;
William
B.
Leonard,
of
Decker,
Howell
&
Co.;
John
C.
Eno,
Presi­
dent
Second
National
Bank;
W.
G.
Desh-
ler,
President
Exchange
National
Bank,
Columbus,
O
.;
Lyman
W.
Briggs,
New
York;
George
B.
Sloan,
ex-Speaker
N.
Y.
Assembly,
Oswego,
N.
Y
.;
William
A.
Wheelock,
Central
National
Bank;
George
R.
Blanchard,
Vice-President
N.
Y.,Lake
Erie
&
Western
Railway;
Tlios.
E.
Tutt,
President
Third
National
Bank,
St.
Louis,
Mo.;
F.W.
Vanderbilt,
New
York;
Wm.
B.
Kendall,
of
Bigelow
Carpet
Company;
Pat­
rick
Barry,
of
Elwanger
&
Barry,
Roches­
ter,
N.
Y.;
H.
H.
Cook.
Director,
Bank
of
North
Ameerica;
Theo.
N.
Vail,
Supt.
Am.
Bell
Telephone
Co.,
Boston,
Mass.;
M.
W.
Cooper,
N.
Y.
FIRE
INSURANCE
STOCKS.
We
copy
from
the
Journal
of
Commerce
the
following
table,
giving
the
status
on
January
1st,
1884,
of
the
New
YTork
City
Fire
Insurance
Companies—the
boos:
value
and
last
sales
being
based,
not
on
the
actual
par
of
the
shares,
but
on
each
$100
of
such
value.
Quotations
of
last
sales
are
up
to
February
6th.
RRN
V
III®
:
|
c
c
|
F
f
s
*
O
4
m
•
§
«
•
a
.
7-
If!
•
s
«
:
n
a
•
r*
I
C
q
&
P*
American
E
x
...
...$200,000
6
loo
133
42
127
64
110
'A
m
e
rican
........
400,000
6
50
239
78
252
62
150
Bowery...............
300,000
6
26
225
46
217
34
156%
Broadway
..........
200,000
7
26
265
88
265
67
176
7
X
17
231
85
233
69
168%
•Citizens
............
6
20
243
66
243
31
145*
(Pity
.....................
6
70
181
58
182
09
125
'
Clinton.................
.
260,000
5
100
151
25
146
59
120
Com
m
ercial
.......
.
200,000
3*
60
124
28
122
89
90
•C
o
n
tinental
__
.
1
,
000,000
7.70
100
255
78
266
18
241
Eagle
..................
.
300,000
7*
40
318
78
326
10
260
%
Em
pire
City
........
.
200,000
3
100
120
53
127
90
80
Franklin
&
E
mp
.
200,000
5
ICO
164
41
156
61
110
Exchange.............
.
200,010
3
H
30
135
56
136
13
100
%
F
a
r
ragut
.............
.
200,000
5
50
153
10
111
59
110
Firem
e
n
’s
...........
.
204.000
4
17
119
89
124
92,
85
Firem
e
n
’s
T
rust
.
150,000
3%
10
119
2,4
111
49
79
Greenwich
..........
.
200,000
7%qr•
25
255
34
232
40
290
Germ
a
n
ia
...........
0
50
174
26
181
78
140
Ger.
A
m
erican..
.
1
,
000,000
7
100
251
73
268
50
205
Globe
...................
.
200,000
6
50
155
04
155
03
110
%
G
u
ardian
.............
.
200.000
3
100
102
97
107
34
61
H
a
m
ilton
............
.
160,000
5
15
169
62
174
11
113
Hanover
...............
.
1
,
000,(00
5
50
171
56
177
72
137%
Home
....................
3,000,000
5
100
159
13
155
44
145%
Howard
...............
.
600,000
—
50
112
84
108
82
65
Irving
...................
.
200,000
_
100
100
11
102
00
65
•Jefferson
...........
.
200,010
5
30
242
29
242,
32
130
Knickerbocker..
.
210,000
3
30
141
21
143
62
90
Kings
C
o
u
n
ty...
.
150,000
10
20
229
22
232,
44
201
Lafayette
.............
.
150,000
5
60
134
14
139
92
97
•Long
Island
......
.
300,000
5
50
133
33
134
54
115%
Man’I’s
&
B’lrs
.
.
.
200.000
3
100
177
13
170
85
M
echanics
..........
.
250,000
5
50
161
85
133
00
135
Mech.
&
T
r
a
d
__
.
200,000
—
25
174
46
188
53
113
M
e
rcantile.
.
.......
.
200,000
3
50
103
63
109
94
64
M
erchants’
.........
.
200,000
5
50
164
84
177
33
100
M
o
ntauk
.............
.
200.100
5
50
135
03
136
62
110
N
a
ssau
................
.
200,000
5
50
176
48
182
58
115
N
a
tional
.............
.
200,000
5
37
X
133
18
136
30
92%
N.
Y.
Equitable..
.
210,000
6
35
259
28
262
15
150
New
York
...........
.
200,000
4
100
125
86
135
10
95
N
iagara
...............
.
500,000
5
50
202
17
164
84
132
V,
North
R
iver
.......
.
350,000
4
25
127
45
128
22
108
Pacific
..................
.
200,000
7
25
285
45
287
87
181
P
a
r
k
.....................
.
200,000
5
100
143
69
137
36
100
%
People’s
.............
.
200,000
5
50
148
64
153
39
115
Peter
Cooper
__
.
150,000
6
20
234
60
235
29
169%
Phenix,................
.
1
,
000,000
5
50
164
14
168
61
150
R
u
tgers
................
.
200,000
6
25
178
31
181
63
120
Standard
.............
.
200,000
3
%
50
168
08
160
50
100
%
Star
......................
.
500,000
—
loo
102
22
101
33
62%
Stuyvesant
........
.
200,000
5
25
170
10
163
50
125
S
terling
..............
.
350,000
—
100
105
79
107
04
64
U
nited
S
tates...
.
250,000
5
25
192
57
190
67
131%
W
ill’sb’g
C
ity
...
.
250,000
10
50
272
73
273
37
206
W
estchester
.......
.
300,000
5
10
161
34
167
52:
125
MONETARY
AFFAIRS.
T
h
e
quantity
of
idle
funds
is
steadily
in­
creasing
upon
the
local
market,
owing
to
the
lack
of
demand.
Borrowers,
with
the
proper
security,
can
dictate
their
own
terms
with
the
lender
as
regards
rate
of
interest,
as
the
supply
is
so
much
greater
than
the
requirements
of
business
necessities.
There
is
a
confident
feeling,
however,
that
the
worst
of
the
depression
and
hard
times
are
over,
though
there
is
no
sudden
improve­
ment
looked
for,
as
it
is
believed
that
the
restoration
of
confidence
among
merchants
and
bankers
will
be
of
gradual
growth.
Borrowers
on
call
on
pledge
of
stock
collat­
eral
were
accommodated
at
14@2
per
cent,
and
holders
of
Government
bonds
at
1@2
per
cent.
Time
loans
on
stocks
were
qnoted
at
44
per
cent,
on
stocks
and
prime
mercantile
discounts
at
4@
4£
per
cent,
for
double
names,
and
5@-5£
per
cent,
for
single
names.
The
domestic
exchanges
are
less
favorable
to
this
center
than
for
some
time
past,
but
the
receipts
from
the
interior
continue
largely
in
excess
of
the
shipments.
The
specie
imports
amounted
to
$170,089
and
the
specie
exports
to
$216,300.
S
t
o
c
k
M
a
r
k
e
t
.
—The
stock
market
has
been
less
buoyant
this
week,
the
“
bears”
having
had
the
advantage
in
some
cases,
while
in
others
the
“
bulls”
held
sway.
The
principal
changes
in
the
situation
appear
to
be
the
increasing
strength
of
the
Van­
derbilt
properties
and
the
manifest
weak­
ness
of
the
Gould
interests,
as
it
is
reported
that
Mr.
Gould’s
position
is
somewhat
questionable:
being
heavily
loaded
with
stocks,
he
is
believed
to
be
a
seller
rather
than
a
buyer.
The
market
is
evidently
under
the
control
of
the
bull
interest,
as
they
seem
to
be
able
to
lift
prices
in
6pite
of
all
opposing
influences,
such
as
lack
of
outside
support,
the
firmness
of
exchange,
poor
railroad
earnings,
etc.
The
situation
for
the
time
being
seems
to
be
one
full
of
uncertainty,
though
the
market
has
a
firm
undertone,
which
may
or
may
not
bring
an
advantage
in
the
future.
U
.
S.
B
o
n
d
s
.—
T
h
e
government
bond
market
was
quiet,
but
firm.
The
4£s
cou­
pon
advanced
f
and
the
3s
4.
The
closing
quotations
were
as
follows:
Br<i.
A'iked
Bid.
Asked
4)68,1891,
re#
USX
113)6
Currency
6
s,
’96.129
—
4
)
68
,
1891.
coup...
1
14X
U4%
Currency
60
,
’96.131
—
4
s,
1907,
reg
123%
124
Currency
6
8
,’97.133
—
48
,
1907,
co
u
p
....
123%
124
iCurrency
6
s.
’98.136
—
Tnree
p
er
c
e
n
ts.
100%
—
*
C
urrency
6
s.
’99.137
—
R
a
il
r
o
a
d
B
o
n
d
s
.
—Railroad
bonds
were
active
and
strong.
The
largest
transac­
tions
were
in
New
Yrork,
West
Shore
and
B.
os,
at54|@54f.
Chesapeake
and
Ohio
Firsts
(Series
B.)
advauced
1
per
cent,
to
101;
do.
Currency
6s
1
per
cent.,
to
53,
but
reacted
to
52;
Iron
Mountain
5s
I
f
per
cent,
to
74§;
Texas
and
Pacific
Land
Grant
In­
comes
1
per
cent-
to
00;
Denver
and
liiQ

Newspaper Page Text

20 (212) T H E I N D E P E N D E N T . [February 14, 1884. O r i e n t a l R u ^ s -A N D - C arpets. We are offering an extensive assortm e n t of the above goods at a great reduction in price. PARTIES intending to fu rnish will certainly be profited by an inspection. ^ b t o a c X v r u j <bXj> | b l . N E W Y O R K . f i n a n c i a l . THE MORRISON TARIFF BILL. M r . M o r r is o n , the Chairman of the Com­ mittee of Ways and Means, after not a little blowing of trumpets and sounding of gongs, has at last, on his own responsibility, intro­ duced into the House of Representatives a tariff bill. It is his bill, and not that of the committee of which he is chairman. The House, as was of course expected, referred it to this committee; and what the bill will be when it comes back to the House from the committee remains to be seen. The majority of the committee consists of Dem­ ocrats; and they will undoubtedly put upon the bill some sort of Democratic stamp, provided they can find out to their own sat­ isfaction what the stamp should be. The real object of .Mr. Morrison and the Democrats in both houses of Congress is not so much to reform our tariff laws and make them better as it is to make a party record for the next Presidential campaign. The tariff is destined to be one of the prom­ inent issues of that campaign, if not the most prominent; and in respect to it the Democrats, who include the larger part of the Free Traders of the country, want to fix up a record in Congress with which to go before the people next Fall, and upon which the Democratic Party can and will unite for the purpose of gaining a political victory. This is the secret and ruling mo­ tive of Mr. Morrison’s bill, as it will be of the bill reported by the Committee of Ways and Means to the House. Actual legisla­ tion in a practical form is not the main ob­ ject sought. Mr. Morrison and the Demo­ crats very well understand that the oft- repeated Democratic doctrine of “ a tariff for revenue only” will not meet the political emergency; and the latest expression of wisdom as to what will do, so far as Mr. Morrison and his special advisers are con­ cerned, we have in Aie bill which he has just introduced into the House of Repre­ sentatives. The ostensible object of the bill is to re­ duce the amount of taxes collected by the Government in the form of tariff duties,and thus get rid of the large surplus which has been collected for a series of years. The general principle of the bill for the attain­ ment of this end is a uniform reduction of twenty per cent, on the present rates of tariff duties, without any readjustment or redistribution of these duties considered with reference to specific articles. This idea is simple enough; and it certainly re­ quires no great skill to conceive of a twenty per cent, reduction of tariff duties. Should the bill become a law, how would it work? This is the question which the business community would like to understand? It is by no means certain that such a re­ duction in the rates of duties would lead to a corresponding reduction in the amount of revenue collected by these duties, The amount of revenue collected by a tariff does not depend exclusively upon the rate pf duties, so that it wjll Vp large or small as the duties are high or low. The amount of the importations into the country upon which these duties are levied is a much more important factor in the problem. It is very easy to see how a high rate of duties may decrease the amount of revenue there­ from, and how a low rate of duties may have just the same effect—in the one case,by decreasing the amount of importations, and, in the other, by increasing importations. It is to be remembered that the importations upon which tariff duties are levied, consti­ tute a variable quantity, and that the amount of the revenue derived therefrom is most materially affected by their quanti­ ty. If Mr. Morrison’s proposed reduction of tariff rates would lead, as seems proba­ ble, to a very considerable increase of im­ portations, then the bill would fail to attain its own end. We should then buy more foreign goods, without collecting a less amount of tariff taxes, making up for the loss in rates by the increased amount of the imported goods taxed. This, however, is not the only question involved. How would the twenty per cent, reduction practically affect various branches of industry in this country? Would it so far withdraw the protection which they now enjoy as seriously to cripple them or destroy them altogether? We answer this question by quoting as fol­ lows, the language of another: “ The bill may justly be described as o ne to de­ stroy the s a lt industry of the U n ited States ; to wipe o u t the American pottery indu s tr y ; to de­ molish im p o rtant m a n u factories of g lass; to destroy the lead a n d copper m ining in d u s tr ies; to reduce the wages of coal m iners and iron miners, as well as the wages of operatives in cotton and woolen mills, iron furnaces and rolling mills, and in nearly every other branch of iron and steel m a n u facture ; to oppress the rice-growers of South C arolina and Georgia ; to depress the wages of laborers on the sugar plan­ tations and in the sugar mills of Louisiana, and to elim inate wool-growing from th e list of productive industries in the U n ited States. I t provides th a t the reduction of 20 per cent, shall apply to salt, to unpolished cylinder, crown and common window, and to unsilvered, polished plate-glass exceeding tw enty-four by sixty inches in size, w h ether or n o t such reduction carries the rate below the rate imposed by the tariff of March 2d, 1861. In other cases no rate is to be reduced below the rale imposed by th a t act, which Colonel M orri­ son takes care to describe as the ‘ Morrill tariff.’ ” A sweeping aud uniform reduction of twenty per cent, on the present rate of tariff duties, though a very simple thing for Mr. Morrison to conceive in his head, and to express in words, is, nevertheless, a very grave matter to various branches of industry which, by such a reduction, would be left without adequate protection. The principle of the bill is a false one. We be­ lieve in reforming our tariff system, but not in this way. The true theory is so to levy tariff duties as to make them incident­ ally protective where protection is needed ; aud this is always a question of fact in re­ spect to each specific article, and to be de­ termined by looking at all the facts in re­ lation to that article. A tariff reduction that overlooks this principle, or fails to ad­ just itself to its requirements, is funda­ mentally wrong; and this is the serious difficulty with Mr. Morrison’s bill. We do not believe that it will become a law, and are very sure that no such bill ought to be passed by either house of Congress. FIDELITY INSURANCE. As so little is known regarding Fidelity Insurance, the following information has been obtained from the American Surety Company, of this city, recently organized for the purpose of acting as surety on all description of bonds. Bonds are now required of officers and employes of the National Government, State aud Municipal Governments, of Coun­ ty Officers, Bauks, Insurance Companies. Railways, Manufacturing and Mining Com­ panies, and of almost every well-managed corporation and business house. The laws of New York authorize sheriffs, surrogates, judges and heads of depart­ ments to accept the surety of a company like this. Tne American Surety Company has a capital, paid up in cash, of $500,000, and has th? most prpuiiu^nt responsible board of trustees ever presented to the American public by any corporation. It is the only company organized in this coun­ try doing this branch of business exclusive­ ly. It is the largest company of its kind in the world. It is national in its character, its stock being held by prominent and in­ fluential men connected with the more im­ portant interests in the large business cen­ ters of the country. The President of the company is the Hon. Richard A. Elmer, well known throughout the countiy as being possessed of qualities peculiarly fitting him for such position. He resigned from one of the most im­ portant positions under the General Gov­ ernment, that of Assistant Postmaster-Gen­ eral, to accept this office. Mr. Elmer won great distinction during his administration of the affairs of the post-office department, covering nearly three years of the most re­ markable period in the history of postal transportation. Postmaster-General Gresham, in his letter accepting Mr. Elmer’s resignation, pays him the following high compliment: “ . . . . F o r myself I cannot perm it the occa­ sion to pass w ithout a ssuring you of my personal esteem, and of my high appreciation of the ability and integrity w ith which you have dis­ charged the duties o f a very responsible position during a period of peculiar difficulties.” The Vice-President of the company is Mr. Lyman W. Briggs, well known as a specialist and thorough expert in this par­ ticular line of business, and with large prac­ tical experience. To Mr. Briggs belongs the credit of introducing and success­ fully establishing surety business in this country. The first company organized by him contemplated doing other branches of insurance business in connec­ tion with surety business, but more as a matter of prudence, as surety business was something of an experiment, being entire­ ly untried in the United States. Its devel­ opment, however, was so rapid, and the favor with which corporate suretyship was received so marked, that Mr. Briggs was soon convinced that the scope afforded by his company was too limited to accommo­ date future developments of the business; and also that a business of such importance and dignity of character should only be transacted by a company formed especially for that purpose. He therefore resigned his office in that company and immediately set about organizing the American Surety Company. The following are among the Trustees: John J. Knox, Comptroller of the Currency; Julius Wadsworth, Vice-President Chicago, Milwaukee and St. Paul Railway; A. H. Barney,New York; C. N. Bliss, of Bliss, Fabyan & Co.; William Dowd, President Bank of North America; George M. Pull­ man, Chicago; William B. Leonard, of Decker, Howell & Co.; John C. Eno, Presi­ dent Second National Bank; W. G. Desh- ler, President Exchange National Bank, Columbus, O .; Lyman W. Briggs, New York; George B. Sloan, ex-Speaker N. Y. Assembly, Oswego, N. Y .; William A. Wheelock, Central National Bank; George R. Blanchard, Vice-President N. Y.,Lake Erie & Western Railway; Tlios. E. Tutt, President Third National Bank, St. Louis, Mo.; F.W. Vanderbilt, New York; Wm. B. Kendall, of Bigelow Carpet Company; Pat­ rick Barry, of Elwanger & Barry, Roches­ ter, N. Y.; H. H. Cook. Director, Bank of North Ameerica; Theo. N. Vail, Supt. Am. Bell Telephone Co., Boston, Mass.; M. W. Cooper, N. Y. FIRE INSURANCE STOCKS. We copy from the Journal of Commerce the following table, giving the status on January 1st, 1884, of the New YTork City Fire Insurance Companies—the boos: value and last sales being based, not on the actual par of the shares, but on each $100 of such value. Quotations of last sales are up to February 6th. RRN V III® : | c c | F f s * O 4 m • § « • a . 7- If! • s « : n a • r* I C q & P* American E x ... ...$200,000 6 loo 133 42 127 64 110 'A m e rican ........ 400,000 6 50 239 78 252 62 150 Bowery............... 300,000 6 26 225 46 217 34 156% Broadway .......... 200,000 7 26 265 88 265 67 176 7 X 17 231 85 233 69 168% •Citizens ............ 6 20 243 66 243 31 145* (Pity ..................... 6 70 181 58 182 09 125 ' Clinton................. . 260,000 5 100 151 25 146 59 120 Com m ercial ....... . 200,000 3* 60 124 28 122 89 90 •C o n tinental __ . 1 , 000,000 7.70 100 255 78 266 18 241 Eagle .................. . 300,000 7* 40 318 78 326 10 260 % Em pire City ........ . 200,000 3 100 120 53 127 90 80 Franklin & E mp . 200,000 5 ICO 164 41 156 61 110 Exchange............. . 200,010 3 H 30 135 56 136 13 100 % F a r ragut ............. . 200,000 5 50 153 10 111 59 110 Firem e n ’s ........... . 204.000 4 17 119 89 124 92, 85 Firem e n ’s T rust . 150,000 3% 10 119 2,4 111 49 79 Greenwich .......... . 200,000 7%qr• 25 255 34 232 40 290 Germ a n ia ........... 0 50 174 26 181 78 140 Ger. A m erican.. . 1 , 000,000 7 100 251 73 268 50 205 Globe ................... . 200,000 6 50 155 04 155 03 110 % G u ardian ............. . 200.000 3 100 102 97 107 34 61 H a m ilton ............ . 160,000 5 15 169 62 174 11 113 Hanover ............... . 1 , 000,(00 5 50 171 56 177 72 137% Home .................... 3,000,000 5 100 159 13 155 44 145% Howard ............... . 600,000 — 50 112 84 108 82 65 Irving ................... . 200,000 _ 100 100 11 102 00 65 •Jefferson ........... . 200,010 5 30 242 29 242, 32 130 Knickerbocker.. . 210,000 3 30 141 21 143 62 90 Kings C o u n ty... . 150,000 10 20 229 22 232, 44 201 Lafayette ............. . 150,000 5 60 134 14 139 92 97 •Long Island ...... . 300,000 5 50 133 33 134 54 115% Man’I’s & B’lrs . . . 200.000 3 100 177 13 170 85 M echanics .......... . 250,000 5 50 161 85 133 00 135 Mech. & T r a d __ . 200,000 — 25 174 46 188 53 113 M e rcantile. . ....... . 200,000 3 50 103 63 109 94 64 M erchants’ ......... . 200,000 5 50 164 84 177 33 100 M o ntauk ............. . 200.100 5 50 135 03 136 62 110 N a ssau ................ . 200,000 5 50 176 48 182 58 115 N a tional ............. . 200,000 5 37 X 133 18 136 30 92% N. Y. Equitable.. . 210,000 6 35 259 28 262 15 150 New York ........... . 200,000 4 100 125 86 135 10 95 N iagara ............... . 500,000 5 50 202 17 164 84 132 V, North R iver ....... . 350,000 4 25 127 45 128 22 108 Pacific .................. . 200,000 7 25 285 45 287 87 181 P a r k ..................... . 200,000 5 100 143 69 137 36 100 % People’s ............. . 200,000 5 50 148 64 153 39 115 Peter Cooper __ . 150,000 6 20 234 60 235 29 169% Phenix,................ . 1 , 000,000 5 50 164 14 168 61 150 R u tgers ................ . 200,000 6 25 178 31 181 63 120 Standard ............. . 200,000 3 % 50 168 08 160 50 100 % Star ...................... . 500,000 — loo 102 22 101 33 62% Stuyvesant ........ . 200,000 5 25 170 10 163 50 125 S terling .............. . 350,000 — 100 105 79 107 04 64 U nited S tates... . 250,000 5 25 192 57 190 67 131% W ill’sb’g C ity ... . 250,000 10 50 272 73 273 37 206 W estchester ....... . 300,000 5 10 161 34 167 52: 125 MONETARY AFFAIRS. T h e quantity of idle funds is steadily in­ creasing upon the local market, owing to the lack of demand. Borrowers, with the proper security, can dictate their own terms with the lender as regards rate of interest, as the supply is so much greater than the requirements of business necessities. There is a confident feeling, however, that the worst of the depression and hard times are over, though there is no sudden improve­ ment looked for, as it is believed that the restoration of confidence among merchants and bankers will be of gradual growth. Borrowers on call on pledge of stock collat­ eral were accommodated at 14@2 per cent, and holders of Government bonds at 1@2 per cent. Time loans on stocks were qnoted at 44 per cent, on stocks and prime mercantile discounts at 4@ 4£ per cent, for double names, and 5@-5£ per cent, for single names. The domestic exchanges are less favorable to this center than for some time past, but the receipts from the interior continue largely in excess of the shipments. The specie imports amounted to $170,089 and the specie exports to $216,300. S t o c k M a r k e t . —The stock market has been less buoyant this week, the “ bears” having had the advantage in some cases, while in others the “ bulls” held sway. The principal changes in the situation appear to be the increasing strength of the Van­ derbilt properties and the manifest weak­ ness of the Gould interests, as it is reported that Mr. Gould’s position is somewhat questionable: being heavily loaded with stocks, he is believed to be a seller rather than a buyer. The market is evidently under the control of the bull interest, as they seem to be able to lift prices in 6pite of all opposing influences, such as lack of outside support, the firmness of exchange, poor railroad earnings, etc. The situation for the time being seems to be one full of uncertainty, though the market has a firm undertone, which may or may not bring an advantage in the future. U . S. B o n d s .— T h e government bond market was quiet, but firm. The 4£s cou­ pon advanced f and the 3s 4. The closing quotations were as follows: Br<i. A'iked Bid. Asked 4)68,1891, re# USX 113)6 Currency 6 s, ’96.129 — 4 ) 68 , 1891. coup... 1 14X U4% Currency 60 , ’96.131 — 4 s, 1907, reg 123% 124 Currency 6 8 ,’97.133 — 48 , 1907, co u p .... 123% 124 iCurrency 6 s. ’98.136 — Tnree p er c e n ts. 100% — * C urrency 6 s. ’99.137 — R a il r o a d B o n d s . —Railroad bonds were active and strong. The largest transac­ tions were in New Yrork, West Shore and B. os, at54|@54f. Chesapeake and Ohio Firsts (Series B.) advauced 1 per cent, to 101; do. Currency 6s 1 per cent., to 53, but reacted to 52; Iron Mountain 5s I f per cent, to 74§; Texas and Pacific Land Grant In­ comes 1 per cent- to 00; Denver and liiQ